Packer: ‘I’ve got more money in China than at home’

The fortunes of
James Packer
are inextricably linked to the growth of China, as the Australian casino mogul says the success of his Macau joint venture means he has more wealth tied up in the Asian economy than his home country.

In an interview with Forbes Asia to mark the magazine’s list of the richest 50 Australians, in which the
Crown Resorts
chairman is ranked third with wealth of $6.6 billion, Mr Packer said the company’s initial $750 million investment in Melco Crown had grown to be worth $8 billion.

“I’ve now got more of my money in China than anywhere else – more, probably, than in Australia," he told the magazine.

Crown owns a 33.7 per cent stake in Melco Crown alongside Lawrence Ho, the son of Macau casino king Stanley Ho, who holds an equivalent stake. The rest is held in public markets on the Hong Kong and Nasdaq stock exchanges.

Crown’s equity-accounted share of Melco Crown’s earnings before interest and tax grew 65 per cent to $152.3 million in the 12 months ended June 30. The Melco contribution accounted for 29 per cent of Crown’s own EBIT for the period.